Shilpa Shetty and Raj Kundra in ₹60.48 Cr Fraud Net
•EOW Probes Celebrity Couple Over Investor Scam
•Funds for Business, Spent for Luxury?
•Best Deal TV Loan Turns Legal Battle
Unmesh Gujarathi
Sprouts News Exclusive
Contact: +91 9322755098
Sprouts News Exclusive
Contact: +91 9322755098
Bollywood actor Shilpa Shetty Kundra and businessman Raj Kundra face Mumbai Police EOW charges for allegedly cheating investor Deepak Kothari of ₹60.48 crore through Best Deal TV. Police allege funds meant for business were diverted for personal use. The high-profile fraud could trigger ED scrutiny and stricter investor safeguards.
Bollywood actor Shilpa Shetty Kundra and her husband Raj Kundra have been booked by the Mumbai Police’s Economic Offences Wing (EOW) for allegedly cheating Juhu-based businessman Deepak Kothari of ₹60.48 crore. The case, now under close scrutiny, has sent shockwaves across both the business and entertainment sectors.
Kothari, director of Lotus Capital Financial Services, alleged that in 2015 the celebrity couple approached him through mediator Rajesh Arya seeking a ₹75 crore loan with 12% annual interest. However, instead of processing it as a formal loan, Kothari claims he was persuaded to route the funds as an “investment” in their online retail venture, Best Deal TV, ostensibly to avoid higher taxation.
Funds Diverted for Personal Use, Claims Police
Investigators told the Sprouts News Investigation Team (SIT) that Kothari’s funds were transferred to accounts linked with the Kundras and allegedly used for personal purposes rather than business expansion. Despite repeated recovery attempts, including negotiations via the mediator, repayment was stalled, with the Kundras allegedly citing pandemic-related financial disruptions.
The EOW has booked the accused under IPC Sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention). Senior officials confirmed that financial transaction records, bank statements, and corporate shareholding data are being scrutinized to track the flow of funds and identify potential accomplices.
High-Profile Business Scandal with Entertainment Industry Links
The Kundras held a 87.6% stake in Best Deal TV during the period in question. Market analysts told the Sprouts News Investigation Team (SIT) that the alleged diversion of investor funds from a high-profile celebrity-backed e-commerce platform could further erode public trust in celebrity-led business ventures.
Legal experts point out that the case could also attract Enforcement Directorate (ED) attention under the Prevention of Money Laundering Act (PMLA) if evidence of layered transactions emerges. Sources in the financial crime investigation community note that such high-value cases often reveal complex webs of shell entities and offshore holdings, potentially leading to international probes.
Wider Implications for Celebrity Business Investments
Industry stakeholders warn that the case may prompt stricter due diligence requirements for private investors engaging with celebrity-backed enterprises. “Public perception of credibility often leads to lighter vetting, which is risky in large-ticket transactions,” said a senior Mumbai-based investment advisor.
The Sprouts News Investigation Team (SIT) will continue monitoring court proceedings, EOW investigation updates, and any parallel regulatory action. If proven, the ₹60.48 crore fraud could rank among the largest celebrity-linked financial disputes in Mumbai in recent years, with both reputational and legal consequences for the accused.
The couple’s latest financial scandal adds to a series of controversies that have shadowed Shilpa Shetty and Raj Kundra over the years. The Sprouts News Investigation Team (SIT) has examined their past incidents, revealing a recurring pattern of legal and reputational challenges.
Obscenity Case and Celebrity Big Brother Backlash
In 2006, Shilpa Shetty faced legal action over allegedly “obscene” photographs in a Tamil newspaper. The images were challenged under the Indecent Representation of Women (Prohibition) Act and other statutes. A Madurai court issued non-bailable warrants, but Shetty denied wrongdoing, arguing the images were harmless freeze-frame shots. She was ultimately acquitted in 2022.
A more high-profile incident was the 2007 Celebrity Big Brother racism controversy in the UK, where Shetty was targeted by other contestants’ racist remarks. The backlash led to international media attention, government responses, sponsor withdrawals, and regulatory action by Ofcom.
Alleged Fraud in Gold Scheme
In 2019, an NRI investor accused the duo of cheating via a gold trading company—Satyug Gold Pvt Ltd. The complainant alleged that after investing in a gold-backed “card” scheme in 2014, he could not redeem his investment in 2019 because the company’s office had shut down. Both were directors at the time and had resigned before the redemption date.
Pornography Case and Digital Defamation
Raj Kundra’s most serious legal entanglement arose in 2021, when he was arrested for allegedly producing and distributing pornographic content via mobile apps, such as Hotshots and Bollyfame. He was booked under multiple sections of the IPC, the IT Act, and the Indecent Representation of Women (Prevention) Act. The Enforcement Directorate also attached properties worth approximately ₹97 crore in a Bitcoin-related fraud probe.
While Shilpa Shetty denied any involvement—claiming she was too busy, unaware of the content, and had resigned as a director—investigators continued to examine her phone, banking records, and prior directorships with Viaan Industries. She also filed legal action against defamatory posts on social media.
Reputation and Media Fallout
During the raids in July 2021, Shilpa was reportedly emotional and confrontational, questioning the severity of the police action.  She also vocally objected to a media trial, urging the public to let due process prevail.
IPL Investment and Spot-Fixing Allegations
The couple’s business interests extended to cricket—Rajasthan Royals—which they co-owned via offshore channels in 2009. Their investment’s legality faced scrutiny. In 2013, Raj was questioned in connection to an IPL spot-fixing scandal. Though given a clean chit by Delhi Police, the Supreme Court’s panel later imposed a life ban from cricket-related activities in 2015. Kundra denied wrongdoing and continued to contest the ban.
Community Takeaways snd SIT Perspective
•“There’s a pattern of media trials and reputational damage,” according to veteran legal observers noted by the Sprouts News Investigation Team (SIT).
•Public commentary—from Reddit users to mainstream coverage—often emphasizes the pornography case as a turning point, with one user noting, “…the controversy has not only affected Hungama 2 but Shilpa’s other projects such as Nikamma as well.”
•Another comment highlighted perceived impunity: “Raj Kundra is a habitual offender. He got away many times.”
These compiled incidents underscore a trajectory where each controversy overlaps with one or more domains—legal, public perception, and business. The repeated patterns of denial, legal resistance, and reputation rehabilitation have shaped public and stakeholder trust over the years.
